Loan Defaulters To Lose Deposits In Other Banks From August 1, 2020 As CBN Releases GSI Guidelines

CBN releases guideline on Private Sector-Led Accelerated Agriculture Development Scheme

The Central Bank of Nigeria (CBN) in pursuant of its mandate to promote a sound financial system in Nigeria and in collaboration with stakeholders has developed and released the protocols for the implementation of Global Standing Instruction (GSI) for individual borrowers in Nigeria. The Banker’s Committee at its meeting of February 18 2020 had approved the go-live of the GSI which has the objective to Facilitate an improved credit repayment culture; Reduce Non-Performing Loans (NPLs) in the banking industry and Watch-listing consistent loan defaulters. According to the CBN guidelines released…

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Panel Quizzes Ibrahim Magu On N700m Training Fund


…Panel orders Magu’s offices in Abuja, Lagos locked up  …18 of his aides also locked out of their offices  …3 bullet-proof SUVs recovered from him …Suspended Acting Chairman of the Economic & Financial Crimes Commission, EFCC,   Ibrahim Magu appeared before the Presidential panel probing him over allegations raised by Attorney-General of the Federation and Minister of Justice, Abubakar Malami, for the sixth time. Magu, who was arrested last week by operatives of the Department of State Service, DSS, and Force Criminal Investigations and Intelligence Department, FCID, last week, was…

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Lai Mohammed Says The National Theatre, Despite The Arrangement, Remains A National Heritage.

Lai Mohammed

The Minister for Culture and Information, Alhaji Lai Mohammed, on Sunday in Lagos handed over the National Theatre to the Central Bank of Nigeria and the Bankers committee for restoration and upgrade. Speaking at the event, Mohammed said that the National Theatre, despite the arrangement, still remained a national heritage. He said that the Federal Ministry of Information and Culture would continue to hold the keys to the iconic national heritage in spite of the Public-Private Partnership arrangement between FG and the Bankers Committee. ”Please permit me to make clarifications…

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FBN Holdings, Access Bank Announces Board Meetings, Closed Periods For H1 2020

Firstbank and Access bank

The Board of Directors of two of the Tier one lenders in Nigeria, FBN Holdings Plc and Access Bank Plc has announced the date of their Board Meeting to consider and approve the financial statement for half year ended 30th of June 2020. In separate letters signed by their respective Company Secretary and published by the Nigerian Stock Exchange (NSE) the Board of the two of Nigeria’s biggest lenders also announced the Closed Period for dealing in their shares The board meeting of FBN Holdings has been scheduled to hold…

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Airport Re-Opening: FG Slashes Passenger Arrival Time Before Flights

Airport re-opening

The Federal Government has reduced the arrival time for passengers at newly reopened airports from three to one hour 30 minutes before flights. The Minister of Aviation, Captain Hadi Sirika, who made this known on his Twitter handle, he said based on the review of operations since July 8, 2020 re-opening of airports, passengers can now arrive one and half hours before flights instead of three hours previously contained in the guidelines. “My colleagues and I have reviewed passenger facilitation at our airports; consequently, I am happy to announce that…

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Alleged Money Laundering: I met Magu In Dubai But… – Pastor Omale

Pastor Omale and ibrahim Magu

Pastor Emmanuel Omale has denied allegations that he conspired with the suspended acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, to launder funds abroad. Omale, who is also the General Overseer of Divine Hand of God Prophetic Ministries International, Abuja, made the denial in a pre-litigation letter addressed to the News Agency of Nigeria (NAN). NAN had on Saturday published a story citing a report issued by a Presidential panel set up to investigate the EFCC between 2015 and 2020. The report accused Magu of being unable…

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BBNaija Season 5 Winner Takes Home N85m

BBNaija season 5 prizes

MultiChoice Nigeria, the organizers of Africa’s popular reality TV show, BBNaija, has revealed that the winner of the BBNaija season 5 will walk away with a whopping N85m grand prize! The organizers disclosed this in a statement ahead of the show’s premiere on Sunday, July 19. The grand prize which includes an N30m cash prize makes this season’s winnings the biggest since its debut back in 2006 and the highest prize for reality TV shows on the continent. BBNaija quarantines housemates ahead July 19 premiere Drama as Mercy, Omashola clash…

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CBN Ban The Importation Of Maize/Corn Into Nigeria

godwin emefiele

The Central Bank of Nigeria (CBN) today announced the ban on the processing of form M for the Importation of Maize (Corn). The ban was contained in a CBN circular addressed to all authorized dealers in the foreign exchange market and the general public. The circular was signed by CBN’s Trade and Exchange Department Director, Dr. S.O. Nnaji. The circular reads: As part of efforts by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase jobs, which were lost as a result of…

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How Diezani Removed $70m From NNPC In 12 Padlocked Bags – Witness

Diezani Allison Madueke

A first prosecution witness in the ongoing trial of  Dauda Lawal,  Executive Director, First Bank Plc,  has told  Justice Muslim Hassan of the Federal High sitting in Ikoyi, Lagos how he delivered 12 padlocked bags containing $70m to an Abuja-based banker on the instruction of a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke. The witness, a former Group General Manager, GGM, Nigerian National Petroleum Corporation, NNPC, gave the testimony before Justice Hassan on Wednesday, July 8, 2020. Lawal is facing trial for allegedly handling the sum of $25m, out…

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